Customer Requirement

Customer Requirement

Customer Requirement Jonathan Poland

A customer requirement refers to a specification or need that is expressed by a customer, rather than being generated internally by a business or organization. These requirements can relate to the functional or non-functional aspects of a product, service, or customer experience, and may be documented by the customer directly or collected and refined by a business analyst or market research team.

Customer requirements are important for businesses to understand, as they can provide insight into what customers expect and value, and help guide product and service development efforts. By gathering and analyzing customer requirements, businesses can better meet the needs and expectations of their target audience and improve their overall performance. The following are common types of customer requirement.

Voice of the Customer

Identifying customers that represent your target market and collecting needs, expectations and ideas with methods such as a focus group or ladder interview.

Lead User

Engaging lead users who represent your customers with cutting edge needs. For example, a snowboard manufacturer may engage professional snowboarders to capture ideas for a design.

Intermediaries

Collecting requirements from customers other than end-customers such as wholesalers, retailers, manufacturers or value-added resellers. For example, an OEM zipper manufacturer may collect requirements from a sportswear manufacturer for a new type of zipper.

Large Accounts

Products and services that are sold on a business-to-business basis may directly collect requirements from large accounts. For example, a software company that gets 40% of its revenue from five customers might allow those customers to directly submit requests for features.

Learn More
Product Demand Jonathan Poland

Product Demand

Product demand refers to the desire or need for a particular product or service in the market. It is a…

Product-as-a-Service Jonathan Poland

Product-as-a-Service

The Product-as-a-Service business model involves offering a service in areas that were traditionally sold as products. This model involves ongoing…

Product Markets Jonathan Poland

Product Markets

A product market is a venue where buyers and sellers can exchange goods or services. Product markets can be large…

Management Principles Jonathan Poland

Management Principles

Management principles are fundamental guidelines or ideas that are adopted by an organization or team to guide their actions and…

Performance Improvement Plan Jonathan Poland

Performance Improvement Plan

A performance improvement plan (PIP) is a formal document that outlines specific goals and objectives that are assigned to an…

Corporate Identity Jonathan Poland

Corporate Identity

Corporate identity is the visual representation of a company’s brand and values. It includes elements such as a company’s logo,…

Sticky Prices Jonathan Poland

Sticky Prices

Sticky prices are a common phenomenon in many markets, and they can have a significant impact on the overall economy.…

Ai Websites (Q3 2023) Jonathan Poland

Ai Websites (Q3 2023)

A simple resource dump of Ai websites we found during Q3 2023. Human AI Ethical, transparent, and beneficial AI development…

Target Market Jonathan Poland

Target Market

A target market is a specific group of consumers that a business aims to sell its products or services to.…

Latest Thinking

Qualified Small Business Stock (QSBS) Jonathan Poland

Qualified Small Business Stock (QSBS)

Qualified Small Business Stock (QSBS) refers to a special classification of stock in the United States that offers significant tax…

Barrick Gold Jonathan Poland

Barrick Gold

Barrick Gold Corporation (NYSE: GOLD) is a significant player in the global economy, particularly within the gold mining industry. Its…

Newmont Corporation Jonathan Poland

Newmont Corporation

Newmont Corporation (NYSE: NEM), being the world’s largest gold mining corporation, with extensive operations in mining and production of not…

Gold is Money Jonathan Poland

Gold is Money

Overview The history of gold as money spans thousands of years and has played a pivotal role in the economic…

What is Leadership? Jonathan Poland

What is Leadership?

In the modern business world, where rapid changes, technological advancements, and global challenges are the norm, effective leadership is more…

Product Durability Jonathan Poland

Product Durability

A durable product, often referred to as a durable good, is a product that does not quickly wear out or,…

Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

Praxeology Jonathan Poland

Praxeology

Praxeology is the study of human action, particularly as it pertains to decision-making and the pursuit of goals. The term…

Business Models Jonathan Poland

Business Models

Business models define how a company creates, delivers, and captures value. There are numerous business models, each tailored to specific…